Repayment of Compensation Sample Clauses

Repayment of Compensation. In the event that either (a) all or any portion of the amounts payable and benefits provided to the Executive under this Agreement from and after the date hereof are disallowed by the Internal Revenue Service as deductible expenses on grounds that they do not constitute a "reasonable allowance" of compensation and/or (b) such amounts and benefits are deemed by a court of competent jurisdiction (the "court") to constitute a waste of corporate assets, Executive agrees to reimburse to MFI such amounts and benefits to the extent of the disallowance and/or the amount of payments and benefits deemed to constitute such waste within thirty (30) days after MFI has notified Executive of the amount so disallowed and/or characterized. Executive hereby also agrees to any modification of the terms of this Agreement which MFI deems necessary and/or appropriate in light of the Internal Revenue Service's disallowance and/or the court's finding.
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Repayment of Compensation. ‌ In any case where an employee is paid by the District, during any absence due to illness or injury, where the employee receives compensation from a third party (e.g. ICBC) for an accidental bodily injury or illness, there shall be no "double dipping". Employees shall agree to repay to the District the total amount of compensation they received, or will in future receive, from the District for the period(s) of disability resulting from the above-noted accident or illness, in the event that they receive any compensation from a third party, (e.g. ICBC) for that same period(s). This reimbursement to the District will represent that portion of wages and benefits paid by the District.
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Repayment of Compensation. Except in event of a Policy holder’s surrender pursuant to the Phoenix Product’s contractual surrender provision where the return of compensation for such surrender is specifically addressed in the Compensation Schedule(s), Producer agrees to repay to Phoenix any unearned compensation or compensation received for, or with respect to, premiums or payments returned to the Policy holders by Phoenix for any reason, including without limitation a rescission, termination, or agreed resolution of any dispute with the Policy holder. Producer will be responsible for the indebtedness to Phoenix of any Representative. Any compensation not repaid by the Representatives will be first deducted against the account of the Representative, but if some or all of the balance is deemed unrecoverable by Phoenix in its sole discretion, then the balance of the compensation shall be deducted against the account of the Producer. Producer shall reasonably cooperate with and assist Phoenix in the recovery of any such compensation. The Producer will be jointly and severally liable with the Representative to Phoenix for the repayment of compensation. If Phoenix seeks to recover an indebtedness under this Provision and prevails in whole or in part, Phoenix is entitled to recover its reasonable attorney fees and costs. In the event of any inconsistency between this Provision and the Compensation Schedule(s), the terms of this Provision shall prevail. This Provision shall survive the termination of this Agreement.
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Repayment of Compensation. If an Independent Distributor receives any form of compensation from YTM during the cooling off period, they must repay the corresponding amount to YTM. This repayment must be accompanied by a formal repudiation letter and can be made through various methods such as cash, cheque, demand draft (DD), NEFT, RTGS, etc.
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Repayment of Compensation. On or before December 31, 2007, Xxxxxx shall repay to the Company $20,550,000 (“Settlement Amount”) of the compensation realized by Xxxxxx in calendar year 2007 as a result of his March 2007 option exercises. The Settlement Amount will be transferred to the Company from the funds held in escrow (“Escrow Account”) pursuant to the Letter Agreement between Xxxxxx and UHG, dated March 26, 2007, governing Xxxxxx’x March 2007 option exercise (“Original Option Letter”). Immediately after the Effective Date, the parties will jointly petition the Federal Court for an order (a) authorizing the use of funds in the Escrow Account to facilitate the payment of the Settlement Amount to UHG and (b) otherwise terminating the Original Option Letter and the Escrow Account. In the event that such order is not issued on or prior to December 14, 2007, this Agreement shall terminate and shall be null and void in its entirety effective as of December 31, 2007.
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Repayment of Compensation. Agent agrees to repay to Southland on demand any unearned compensation or any compensation received by Agent for or with respect to premiums returned to policyowners by Southland for any reason.
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Related to Repayment of Compensation

  • Payment of Compensation Consultant shall submit to City a monthly itemized statement which indicates work completed and hours of Services rendered by Consultant. The statement shall describe the amount of Services and supplies provided since the initial commencement date, or since the start of the subsequent billing periods, as appropriate, through the date of the statement. City shall, within 30 days of receiving such statement, review the statement and pay all approved charges thereon.

  • Amount of Compensation City shall pay Contractor for performance of all Services rendered in accordance with this Contract in an amount not to exceed $3,000,000.

  • Reduction of Compensation If the Firm fails to meet the submission date by less than thirty days for the draft report and/or working papers submitted to the Office of the State Auditor for review and approval or by less than thirty days from the completion date for the final reports and/or corrections to the working papers prescribed herein, the District may, with the consent of the Office of the State Auditor, reduce the agreed compensation by an amount not to exceed ten percent of the total contract price for the applicable fiscal year. If reports and/or corrections to the working papers are overdue by 30 days or more, the District may reduce, with the consent of the Office of the State Auditor, the agreed compensation by an amount not to exceed twenty percent of the total contract price for the Rev. 10/20 applicable fiscal year.

  • Special Compensation The Company shall pay to the Executive a lump sum equal to three times the sum of (a) the highest per annum base rate of salary in effect with respect to the Executive during the three-year period immediately prior to the termination of employment plus (b) the Highest Bonus Amount. Such lump sum shall be paid by the Company to the Executive within ten business days after the Executive's termination of employment, unless the provisions of Section 3(e) below apply. The amount of the aggregate lump sum provided by this Section 3(c), whether paid immediately or deferred, shall not be counted as compensation for purposes of any other benefit plan or program applicable to the Executive.

  • Basis of Compensation The Owner shall compensate the Architect/Engineer for the services provided in accordance with Article 7. Payments to the Architect/Engineer shall be as follows:

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Final Compensation Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS prior to January 15, 2011, is based on the highest average monthly pay rate during twelve (12) consecutive months of employment. Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS on or after January 15, 2011, is based on the highest average monthly pay rate during thirty-six (36) consecutive months of employment.

  • Forfeiture; Recovery of Compensation (a) The Administrator may cancel, rescind, withhold or otherwise limit or restrict the Stock Option at any time if the Optionee is not in compliance with all applicable provisions of this Agreement and the Plan. (b) By accepting the Stock Option, the Optionee expressly acknowledges and agrees that his or her rights, and those of any permitted transferee of the Stock Option, under the Stock Option, including to any Stock acquired under the Stock Option or proceeds from the disposition thereof, are subject to Section 6(a)(5) of the Plan (including any successor provision). Nothing in the preceding sentence shall be construed as limiting the general application of Section 8 of this Agreement.

  • Fees and Compensation Managers and Officers may receive such compensation and fees, if any, for their services, and such reimbursement for expenses, as may be determined by resolution of the Board.

  • Form of Compensation Compensation for overtime shall be paid except where, upon request of the Employee, and with the approval of the Employer, or its representative, overtime may be granted in the form of time off in lieu of overtime hours worked.

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